News

Surplus wheat may lead to collapse of prices

Availability of surplus wheat in the country could lead to collapse of prices in local markets this year. The government has approved a plan to procure 6.5 million tons of wheat at Rs950 per 40kg, or Rs23,750 (nearly $300) per ton, which is about $100 higher than the rates prevailing in the international market. [...] Some 590,000 tons of imported wheat began arriving at the Gwadar port on Friday. This process would continue until March 5. The Trading Corporation of Pakistan would complete import of another 272,000 tons of wheat by March 31. The World Food Programme would also provide 30,000 tons of wheat it had borrowed from Pakistan last year.